The ice will slowly become a liquid, Its temperature will remain the same until all of the ice has turned to liquid,
The ice will be absorbing heat energy. The heat energy will be used to break the inter molecular bonding between the water molecules. As the molecules break apart the physical state of the water molecules will change from ice ( solid) to liquid. Because the heat is being absorbed in breaking bonds the heat will not cause an increase in temperature.
As it melts, the ice
Well, yes it does, but it also contracts slightly with respect to volume. Water ice is an unusual material. Normally, we would expect that the solid phase should be denser than the liquid phase. However, solid ice occupies a slightly greater volume than the volume of water used to form the ice block. The result? Ice floats in water, to the demonstrable hazard of luxury, ocean going passenger liners.